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Canada Revenue Agency (“CRA”) has announced on March 28, 2024 that Bare Trusts are now exempt from T3 trust return reporting for 2023. Bare Trusts will only be required to file and report if the CRA makes a direct request to the taxpayer.
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The information contained in this article is for general use only and should not be viewed as professional advice. Accounting and tax rules and regulations regularly change and individuals should contact a competent professional to obtain accounting and tax advice based on their specific situation.
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